Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Somnigroup International / Equity Bottom-Up

<ul>
<li>Somnigroup's second-quarter 2025 performance reflects a nuanced trajectory shaped by strategic acquisitions and industry dynamics.</li>
<li>The quarter was marked by a significant increase in net sales, which rose by approximately 53% to $1.9 billion, and an adjusted EBITDA growth of 26% to $291 million.</li>
<li>This improvement was largely bolstered by the acquisition of Mattress Firm, although the bedding market overall faced declines with North American sales down significantly.</li>
</ul>


Somnigroup's second-quarter 2025 performance reflects a nuanced trajectory shaped by strategic acquisitions and industry dynamics.
The quarter was marked by a significant increase in net sales, which rose by approximately 53% to $1.9 billion, and an adjusted EBITDA growth of 26% to $291 million.
This improvement was largely bolstered by the acquisition of Mattress Firm, although the bedding market overall faced declines with North American sales down significantly.


Somnigroup International Accelerates Expansion Through Tempur Sealy Integration...

<ul>
<li>Somnigroup Group International, formerly known as Tempur Sealy International, has undergone a significant transformation with the completion of the merger with Mattress Firm, officially operating under the new name Somnigroup Group International.</li>
<li>This merger creates a global sleep solutions provider encompassing well recognized brands such as Tempur Sealy, Dreams, and Mattress Firm, each operating under their brand names within a decentralized framework.</li>
<li>The financial results of Mattress Firm will be included in the forthcoming quarters.</li>
</ul>


Somnigroup Group International, formerly known as Tempur Sealy International, has undergone a significant transformation with the completion of the merger with Mattress Firm, officially operating under the new name Somnigroup Group International.
This merger creates a global sleep solutions provider encompassing well recognized brands such as Tempur Sealy, Dreams, and Mattress Firm, each operating under their brand names within a decentralized framework.
The financial results of Mattress Firm will be included in the forthcoming quarters.


Somnigroup (Tempur Sealy International): Launch of New Sealy Products & Other Key Developments!

<ul>
<li>In the third quarter of 2024, Tempur Sealy reported a modest 2% increase in net sales, amounting to $1.3 billion.</li>
<li>This was accompanied by a 6% rise in adjusted EBITDA to $275 million year-over year.</li>
<li>The company's GAAP EPS grew 14% to $0.73 per share, while the adjusted EPS saw a 7% increase to $0.82 per share.</li>
</ul>


In the third quarter of 2024, Tempur Sealy reported a modest 2% increase in net sales, amounting to $1.3 billion.
This was accompanied by a 6% rise in adjusted EBITDA to $275 million year-over year.
The company's GAAP EPS grew 14% to $0.73 per share, while the adjusted EPS saw a 7% increase to $0.82 per share.


Tempur Sealy: International Expansion & Growth As A Pivotal Growth Lever! - Major Drivers

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Policy uncertainty has increased investor uncertainty since the election and that overhang continues to weigh on the markets as investors are unclear on how issues like regulatory reform, spending, and tariffs will play out.</li><li>The WTR Commercial/Contract Furniture Index was up 2.5% and the Home Goods Retailers Index was up 1.5%, while the Residential Manufacturers &amp; Suppliers Index dipped 0.4% as the broader market indexes all moved higher.</li><li>Higher volatility is expected.</li></ul>

Policy uncertainty has increased investor uncertainty since the election and that overhang continues to weigh on the markets as investors are unclear on how issues like regulatory reform, spending, and tariffs will play out.The WTR Commercial/Contract Furniture Index was up 2.5% and the Home Goods Retailers Index was up 1.5%, while the Residential Manufacturers &amp; Suppliers Index dipped 0.4% as the broader market indexes all moved higher.Higher volatility is expected.

Furniture/Furnishings Weekly - Work-From-Home Equilibria

<ul><li>Stocks continue to gain, even if only modestly, in much of the furniture and furnishings space, as the markets continue to digest the impact of the new administration’s policies.</li><li>The Water Tower Research Commercial/Contract Furniture Index was up 0.2%, the Residential Manufacturers &amp; Suppliers Index was up 0.2%, and the Home Goods Retailers Index was up 3.1%, while the large-cap indexes were up 1.7% and the R2K gained 1.5%.</li><li>Furniture imports from Mexico and Canada facing potential tariffs as Trump appears to be using tariff threat (for now) to exact concessions and policy changes from USMCA partners.</li></ul>

Stocks continue to gain, even if only modestly, in much of the furniture and furnishings space, as the markets continue to digest the impact of the new administration’s policies.The Water Tower Research Commercial/Contract Furniture Index was up 0.2%, the Residential Manufacturers &amp; Suppliers Index was up 0.2%, and the Home Goods Retailers Index was up 3.1%, while the large-cap indexes were up 1.7% and the R2K gained 1.5%.Furniture imports from Mexico and Canada facing potential tariffs as Trump appears to be using tariff threat (for now) to exact concessions and policy changes from USMCA partners.

Furniture/Furnishings Weekly -  Thinking Through Mexico and Canada Tariff Implications

United States

Somnigroup International Inc. operates as a bedding company. The Company develops, produces, and markets mattresses, adjustable bases, pillows, and other sleep and relaxation products. Somnigroup International serves customers worldwide.

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Somnigroup International (SGI US)

Somnigroup International Accelerates Expansion Through Tempur Sealy Integration...

Somnigroup's second-quarter 2025 performance reflects a nuanced trajectory shaped by strategic acquisitions and industry dynamics.

Baptista Research

Somnigroup (Tempur Sealy International): Launch of New Sealy Products & Other Key Developments!

Somnigroup Group International, formerly known as Tempur Sealy International, has undergone a significant transformation with the completion of the...

Baptista Research

Tempur Sealy: International Expansion & Growth As A Pivotal Growth Lever! - Major Drivers

In the third quarter of 2024, Tempur Sealy reported a modest 2% increase in net sales, amounting to $1.3 billion. This was accompanied by a 6% rise...

Baptista Research

Furniture/Furnishings Weekly - Work-From-Home Equilibria

The WTR Commercial/Contract Furniture Index was up 2.5% and the Home Goods Retailers Index was up 1.5%, while the Residential Manufacturers &...

Water Tower Research

Furniture/Furnishings Weekly - Thinking Through Mexico and Canada Tariff Implications

Stocks continue to gain, even if only modestly, in much of the furniture and furnishings space, as the markets continue to digest the impact of the...

Water Tower Research

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